SkyWater Technology (NASDAQ:SKYT) Shares Gap Down After Insider Selling

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $18.66, but opened at $18.07. SkyWater Technology shares last traded at $19.06, with a volume of 141,468 shares changing hands.

Specifically, Director Loren A. Unterseher sold 120,370 shares of the company’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $18.02, for a total value of $2,169,067.40. Following the completion of the transaction, the director owned 6,811,256 shares of the company’s stock, valued at approximately $122,738,833.12. This represents a 1.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Steve Manko sold 60,829 shares of the firm’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $17.40, for a total transaction of $1,058,424.60. Following the transaction, the chief financial officer directly owned 327,122 shares of the company’s stock, valued at $5,691,922.80. The trade was a 15.68% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SKYT. Wall Street Zen upgraded shares of SkyWater Technology from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. Needham & Company LLC boosted their price target on shares of SkyWater Technology from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $13.00.

SkyWater Technology Price Performance

The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.97 and a current ratio of 1.06. The firm has a market capitalization of $921.20 million, a P/E ratio of -56.23 and a beta of 3.51. The stock’s 50 day simple moving average is $12.10 and its 200 day simple moving average is $9.69.

Hedge Funds Weigh In On SkyWater Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Squarepoint Ops LLC boosted its stake in shares of SkyWater Technology by 405.4% during the second quarter. Squarepoint Ops LLC now owns 87,290 shares of the company’s stock valued at $859,000 after purchasing an additional 70,019 shares in the last quarter. Marex Group plc bought a new position in shares of SkyWater Technology during the second quarter valued at approximately $206,000. Sugar Maple Asset Management LLC bought a new position in shares of SkyWater Technology during the second quarter valued at approximately $253,000. BNP Paribas Financial Markets boosted its stake in shares of SkyWater Technology by 56.4% during the second quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company’s stock valued at $27,000 after purchasing an additional 991 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of SkyWater Technology by 15.7% during the second quarter. Ameriprise Financial Inc. now owns 1,693,056 shares of the company’s stock valued at $16,660,000 after purchasing an additional 229,954 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

SkyWater Technology Company Profile

SkyWater Technology, Inc, together with its subsidiaries, operates as a pure-play technology foundry that engages in the provision of semiconductor development, manufacturing, and packaging services in the United States. The company offers engineering and process development support services to co-create technologies with customers; and semiconductor manufacturing services for various silicon-based analog and mixed-signal, micro-electromechanical systems, and rad-hard integrated circuits.